【招商证券】China Catering Sector - Customer traffic recovering; to drive margins in FY23.pdf

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均

Gradual revenue and margin recovery in FY23

FY22 preview： 2H22 UW margin improvement

–Sequential margin contraction indicates inventory digestions may persist till FY23E

Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q

1Q24 beat on strong margins; Positive on upbeat SU7 delivery target

4Q22 beat; FY23E margins likely overestimated

Gradual revenue and margin recovery in FY23

Recovery in sight with clear margin expansion